KeyBanc Downgrades ENOC To Hold
KeyBanc has downgraded its rating on EnerNOC from Buy To Hold and has also removed its $19 price target from the stock, citing difficulty in the near term.
According to KeyBanc, “We are downgrading EnerNOC Inc. (ENOC-NASDAQ) from BUY to HOLD and slashing our Street-low EPS forecasts. We remain optimistic about the Company's growth outlook in 2013 and 2014, but recommend investors wait on the sidelines given the difficult near-term business conditions and management's lack of visibility… We would look to become more constructive on shares at a lower valuation and/or in anticipation of: 1) a positive verdict from the FERC (Nov 7); 2) improved competitive pricing; and 3) non-PJM markets aggressively endorsing demand response.”
ENOC closed yesterday at $14.36.
